Single family home prices and numbers delivered a strong showing in Southern/Central Marin in November. Both were up from the dip we saw in September and October. Good news for home owners – both single family and condo sold prices are up over 9% year-on-year.
Looking to 2018, if the proposed tax changes go through, there is likely to be downward pressure on home prices, as buyers lose purchasing power through loss of full deductibility of state income and property taxes. Stay tuned for the final legislative outcome.
Single Family Homes:
On a three-month rolling average, November’s median sold price was $1,353,000, up 9.5% year-on-year.
The number of new listings year-to-date is down 1.2% from 2016 while the number of sales is up by 3.9%. This is keeping inventory very low, currently at just 1.1 months.
The low inventory coupled with strong demand kept offers strong, with homes selling for a median price of 99% of list price.
November’s median sold price was $724,000, up 9.3% from last year, when viewed on a 3- month rolling average.
Like single family homes, the number of condo/townhome listings is down year-to-date by 5.6%, compared to 2016, while sales are up 6.9%. And, like single family homes, this is keeping inventory very low, currently also at just 1.1 months.
Condo/townhomes sold for a median of 100% of list price in November.